Moody’s Investors Service has downgraded the corporate family rating of property developer Agung Podomoro Land (APLN) to B1 from Ba3. The outlook on the ratings is stable. The agency has also downgraded the backed senior unsecured rating of the bonds issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro, to B1 from Ba3. The bonds are guaranteed by the company and some of its subsidiaries.